US major ConocoPhillips on 20 September agreed to pay $9.5bn for Shell’s assets in the US Permian shale basin.
The addition of Shell’s 175,000 boe/d of Permian output would put Conoco on 610,000 boe/d, just behind Chevron as the basin’s number two producer. Permian pure-play Pioneer is top on around 670,000 boe/d (MEES, 27 August). Conoco says it expects output at the Shell assets to rise to 200,000 boe/d for 2022 as it gradually ramps up activity. (CONTINUED - 703 WORDS)